Steel industry eyes plans to resolve oversupply

The authorities are drawing up plans to resolve the steel industry's severe oversupply, an official at the China Iron and Steel Association said.

The plans are to improve the sector's competitiveness by eliminating obsolete capacity, upgrading production lines and offering support to combat excess capacity, a CISA source said on Wednesday.

"The National Development and Reform Commission and the Ministry of Industry and Information Technology are working closely with related government departments to solve the overcapacity problem plaguing the steel, cement, electrolytic aluminum, plate glass and shipbuilding sectors," CISA secretary-general Zhang Changfu was quoted by the China Securities Journal as saying.